News & Analysis as of

Preemption Office of the Comptroller of the Currency Interest Rates

Ballard Spahr LLP

Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer...

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On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more

Ballard Spahr LLP

Important National Bank Act (NBA) preemption case to be argued Today, February 27, before US Supreme Court

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The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for...

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Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more

Moore & Van Allen PLLC

Preemption Update and Future Implications: Congress Repeals The OCC’s True Lender Rule

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Congress has voted to overturn the Office of the Comptroller of the Currency’s (“OCC’s”) “true lender” rule under the Congressional Review Act (“CRA”), and the President has signed the resolution. Repeal of the “true lender”...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Ballard Spahr LLP

Three-state attack on the OCC’s “Madden fix” rule

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As previously reported, the OCC recently adopted a final rule (the “Madden fix”) designed to resolve the legal uncertainty created by the Second Circuit’s decision in Madden v. Midland Funding, which held that a non-bank that...more

McGuireWoods LLP

New York, California and Illinois – the First to Challenge to the OCC’s Valid-When-Made Rule

McGuireWoods LLP on

It did not take long for the Office of the Comptroller of the Currency’s (“OCC”) May 29 Final Rule codifying the valid-when-made principal to face challenges in court. On July 29, the attorneys general for New York,...more

BCLP

New York, California and Illinois Sue OCC to Block “Valid When Made” Rule

BCLP on

Just two months ago, the Office of Comptroller of the Currency (“OCC”) addressed the “valid when made” doctrine and held that interest rates established on bank-originated loans remain valid even after the loan is transferred...more

Hudson Cook, LLP

Valid When Made 2.0: Attacking the Trusts

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Though a legal concept in existence in our nation’s jurisprudence for more than two hundred years, “valid when made” continues to be a heated topic of debate. Such controversy is to be expected given the treatment (or...more

Mayer Brown

The OCC Finalizes “Madden Fix” Regulation, Codifying the “Valid-when-Made” Doctrine as Applicable to Loans Made by National Banks...

Mayer Brown on

On Friday, the United States Office of the Comptroller of the Currency (“OCC”) finalized a regulation regarding the “Permissible Interest on Loans that are Sold, Assigned, or Otherwise Transferred” by national banks and...more

Ballard Spahr LLP

Republican lawmakers urge OCC to address Madden through rulemaking

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The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty created by Second Circuit’s Madden...more

Troutman Pepper

FDIC And OCC Issue Strong Rebuke To Madden In Joint Amicus Brief: 'madden Is Not Just Wrong; It Is Unfathomable'

Troutman Pepper on

On September 10, the FDIC and the OCC jointly submitted an amicus brief to the U.S. District Court for the District of Colorado in support of the appellee debt buyer in In re Rent-Rite Super Kegs West Ltd. ...more

Troutman Pepper

The Solicitor General Weighs in on Madden v. Midland

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The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

Ballard Spahr LLP

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

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In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

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